Andrey Sizov
08.08.2024
On Wednesday, grain prices declined. The December SRW wheat contract closed at $5.62/bushel ($206/mt; -0.8% compared to Tuesday). HRW wheat in Kansas fell to $5.72/bushel ($210/mt; -1.0%). The September Euronext wheat contract closed at €224.50/mt ($245/mt; -0.1%). The September U.S. corn contract fell to $4.01/bushel ($158/mt; -1.1%).
The USDA will release the WASDE report on Monday, August 12. Market analysts do not expect significant revisions to the July estimates. U.S. wheat stocks are projected to increase to 23.5 mmt (+0.2 mmt from the July forecast), while global stocks are expected to decrease to 256.9 mmt (-0.4 mmt). U.S. corn stocks are expected to decrease to 53.2 mmt (-0.1 mmt), and global stocks are expected to decrease to 310.9 mmt (-0.7 mmt).
As of August 7, Ukraine’s grain exports totaled 4.4 mmt, up 85% from the previous year, according to the country’s Ministry of Agrarian Policy. Wheat accounted for 1.9 mmt, corn for 1.7 mmt, and barley for 0.7 mmt.
As of July 1, 2024, Russian wheat stocks reached 20.3 mmt, exceeding last year’s numbers by 21%, SovEcon said. The stocks hit a new record-high amid an early start of a harvesting campaign.
